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Eastman Chemical to buy BP's aviation turbine oil business

Staff writer |
Eastman Chemical Company has entered into a definitive agreement to acquire the assets of BP's global aviation turbine engine oil business, with annual revenues of approximately $100 million.

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The acquisition includes a production facility in Linden, NJ, specialized laboratory equipment located in Naperville, IL, and a long-term supply agreement for products related to the acquired business that BP will use to serve industrial markets.

When added to its Skydrol aviation hydraulic fluids, the acquired fluids product portfolio is expected to enable Eastman to better meet the global aviation industry's needs.

Subject to receipt of required regulatory approvals and satisfaction of other customary closing conditions, the acquisition is expected to be completed in the second quarter of 2014. Terms of the transaction were not disclosed.

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